I'm going to add my two cents here:
I have a very close connection who's in charge of recruiting at a V10. The gist of the conversation that I had was "we consider all T14 candidates as equals and outside of the T14, you either have a to be #1 in your class or editor of Law Review to get in".
I was in an Undergrad Business School which had its own OCI and I have my own personal experience at what top firms in any industry look for. From what I've learned and from what I've read on TLS, I've gathered that getting an ELITE law firm job requires being highly ranked at a good school AND having the interviewing skills, networking skills, and the luck to be given an offer at an "Elite Biglaw" firm (I agree that there are plenty of well-qualified no-offers out there). Yes, the top schools have better placement stats, but on the whole, whether you go to Penn with a little bit of money or whether you go to NYU or Columbia at sticker will generally have no bearing on where you ultimately end up as long as your approach is the same regardless of which school that you end up at.
I'm a 0L, so you can attack my credibility as much as you want, but I believe that the admissions process has tailored itself very well for top candidates for Law School and wherever you get in and however high the amount of scholarship money that you receive (as long as it's a T14 or a strong regional where you want to practice), your employment outcome will likely remain the same. If you're looking into T2 and beyond, it becomes a very different story. Those are some dangerous waters.